│ Trust Wallet: The Definitive Review
Today, there are 20,853 digital currencies in circulation, amassing a market cap of around $1 trillion.
Thanks to the digital shift the world has undergone, more and more people are considering cryptocurrencies as alternative monetary assets. Bitcoin, Ethereum, or Litecoin – all these and more options are at play.
When it comes to actually using cryptocurrencies, one would need a digital wallet to store crypto and make purchases. This is where Trust Wallet can be of help – one of the most diverse, private crypto wallets.
If you’re looking to know more about Trust Wallet and what makes it a highly considerable option for crypto, continue reading our detailed review. We’ll showcase the most important aspects of Trust Wallet – functionality, pros, cons, and who can benefit from it the most.
|Trust Wallet – Best for exchanging and swapping, staking, storing stablecoins, and purchasing NFTs||Trust Wallet is widely known for supporting a huge number of crypto. You can use it to swap tokens within the platform by native, cross-chain swapping. Thanks to Binance DEX and 1inch, you’re not restricted to staying within a single blockchain but can easily swap across several ones without effort.|
For instance, users can engage in swapping BEP-2 tokens for BEP-20 tokens and pay nothing in fees. Also, users are allowed to use Binance DEX to create, purchase, and sell orders. Plus, there are swapping alternatives for ERC-20 tokens supported by the 1inch protocol, which is basically an Ethereum token that powers 1inch.
│ Pros and Cons of Using Trust Wallet
Just like any other digital app on the market, Trust Wallet comes with its own set of pros and cons, and we’re about to dive into each area.
Simple Sign-in Process
Setting up a Trust Wallet account will take a minute or two. You’ll have to go through 3 simple steps to complete the process, and then you can start trading instantaneously.
Interests Are Available
Every Trust Wallet user that holds any cryptocurrency in their wallet can earn a certain interest through a process known as staking. Each coin has an approximate APR that you can get – some going as high as 84%!
One of Trust Wallet’s major perks is the option for safe stablecoin storage. The platform enforces bank-level security standards that ensure the safe-keeping of your stablecoins against potential malware and threats.
Trust Wallet is recognized among crypto traders as one of the market’s most user-friendly crypto trading apps. The interface’s ease of use and the availability of neat options like the in-built charts make Trust Wallet a superb mobile app for crypto trading, even on the go.
Private Keys Are Everything
If you forget your private key – a secret phrase given only to you – you’ll put your crypto assets at risk by not being able to access your wallet. So it’s always best to write down this string of words and have them nearby at any time to access your crypto assets in the digital wallet.
Undisclosed Charges Apply
Trust Wallet won’t take a cut of your crypto transactions, but the platform will still be rewarded a gas fee – pricing or a value that the user has to pay to be able to successfully conduct a transaction or carry out a contract on the Ethereum blockchain platform). Trust Wallet will get 1% of every crypto purchase unless you hold $100 worth of TWTs, which is the Trust Wallet’s native token.
Lack of Tech Support
Although Trust Wallet’s user support services offer solid Q&A feedback, their services are still limited to only tech problems. Offering real-time tech support in case of bugs, unresponsiveness of the app, and other tech-related issues are still to be developed.
Prone to Phishing
Being a digital, open-source, crypto trading platform, Trust Wallet has been in the focus of digital hijackers. Namely, due to the platform’s popularity with over 25 million users worldwide, attackers used it as a disguise to lure in users to reveal their private keys and recovery phrases and thus get their stored crypto.
|Trust Wallet Advantages||Trust Wallet Disadvantages|
|Trust Wallet users can earn interest on the crypto they hold in their wallets.||If your private keys have slipped your mind, your crypto might not be safe.|
|Uses a simple, 3-step sign-in process that’s easy to follow.||For every purchase of crypto, Trust Wallet is rewarded with a 1% fee.|
|Allows stablecoin storing.||Less than compatible technical support options.|
|A mobile-friendly platform that enables users to engage in crypto transactions easily and immediately through their smartphones.||Prone to phishing attacks.|
Store Your Crypto With Trust Wallet!
Trust Wallet’s selection of cryptocurrencies is unmatched by other wallets – there are over a million cryptos to trade!
│ What Is Trust Wallet?
Ever since its launch in 2017 and the acquisition by Binance in 2018, Trust Wallet amassed a substantial following from crypto traders around the globe. Trust Wallet is a user-friendly digital wallet app that supports the most popular cryptocurrencies, as well as a considerable amount of smaller tokens.
In essence, what separates Trust Wallet from other digital wallets is its versatility. Namely, besides storing crypto, Trust Wallet also delivers a few more features, like staking, which leads to earning crypto rewards.
Furthermore, Trust Wallet can be easily described as a “broad” cryptocurrency wallet keeping in mind that it supports over 1 million cryptos and NFTs across as many as 65 blockchains. Plus, it mainly works on mobile, giving you quick access to your funds.
Did You Know?
Trust Wallet’s native currency gives you the chance to vote on whether a project should be added to the platform or not.
│ How Does Trust Wallet Work?
As we said, one of the good points of Trust Wallet is that you can navigate it without much effort. The process of “filling” your digital wallet with cryptocurrencies just takes a simple sign-in into your Trust Wallet account.
After that, you can send or receive digital coins with just a few clicks:
- Click on the Receive button and enter your wallet address in the box, or you can scan a QR code to continue;
- The senders can use the QR code or the address provided, to transfer coins into your Trust Wallet account;
- Tap on the Transactions button to review your transaction history, and then proceed by tapping on the Confirm button once you see the funds have been transferred.
And that’s it – 3 simple steps will have you transfer funds with Trust Wallet. Now, to use Trust Wallet for crypto payments, perform the following actions:
- Open the app;
- Sign into your account;
- Find the Send button and tap on it – you’ll see an area box open for you to enter the wallet address of the recipient;
- Paste or scan the QR code to enter the wallet address;
- Enter the amount you want to send and tap on the Next button;
- Hit Send and you’re done.
│ Trust Wallet: Essential Features
Being a one-of-a-kind digital currency e-wallet, Trust Wallet is also an entirely mobile-based app that provides a selection of features and options revolving around cryptos and tokens.
You won’t be required to do anything more than download the app using your OS’s pre-determined app store and create an account. After you’ve entered the details, your profile will be created, and you can start a transaction right away.
Simple and Versatile Use
The design and functionality of Trust Wallet make it an easily accessible app across Android or iOS smartphones – the super-smart, user-friendly UI makes using the app a breeze on any device. You can use your credit card to start transactions.
Because Trust Wallet is deemed a soft wallet, it is not designed to offer offline storage security. Still, it does follow the industry standard prerequisite to encrypt its users’ data and wallets.
Moreover, Trust Wallet is not rewarded any fees by its users, meaning you won’t have to pay anything to use it. In fact, Trust Wallet simply acts as a catalyst between the user and the cryptocurrencies.
Another of Trust Wallet’s perks is the option for viewing and consulting the in-built charts, allowing you to track the crypto prices without having to leave the app. Many experienced crypto traders appreciate being able to follow real-time data about crypto exchange and cryptocurrency within the Trust Wallet app.
Due to Trust Wallet’s superb application programming interface (API), the app is able to deliver seamless, top-notch integration of the wallet with a variety of DApps, thanks to the Web3 integrated browser.
Trust Wallet enables its users to access decentralized applications (DApps) by using the in-app DApp browser without going to other browsers to complete their requests. If you own an Android smartphone, you’ll have the option to use the DApp browser, and for iPhone users, there’s the WalletConnect option that carries out the same function.
Trust Wallet’s API is compatible with smartphones running on both Android and iOS. According to the engineering team behind Trust Wallet, the app is designed to take particular care in choosing and vetting the DApps that would eventually integrate into Trust Wallet’s Marketplace.
Downloading the Trust Wallet app on your smartphone won’t cost you a dime – it’s a free-to-use app. However, Trust Wallet will be assigned 1% of every crypto transaction you make that the company uses for further development of the app. Still, you can decline to pay the fee if you agree to hold TWT (Trust Wallet Token) – the platform’s native token.
Many competitors of Trust Wallet face the issue of successfully backing up their user’s information and data, but not Trust Wallet. When you set up an account with the app, the platform delivers a 12-word recovery phrase for you to utilize whenever you need to retrieve or recover access to the wallet should mishaps occur.
Privacy and Anonymity
One of the aspects that make Trust Wallet a trustworthy crypto-trading app is the platform’s dedication to ensuring its clients’ privacy and anonymity. Because the app is decentralized, Trust Wallet’s respective users don’t need to disclose their personal information.
The only instance when users will be (potentially) asked to share information, such as their name, ID, or address, is when they engage in a crypto purchase from some of the platform’s partners.
Even though transactions using crypto are naturally more anonymous, there is still a chance for them to be tracked. Namely, while a trader’s identity is hidden behind a pseudonym, every crypto transaction stays a public record on a blockchain.
Benefits of Trusting Trust Wallet
If you’re wondering why you should put your trust in Trust Wallet, just look at what it all offers – practically free!
The main reason why over 25 million worldwide users choose Trust Wallet as their digital wallet is the non-custodial aspect of it, meaning you’re in total control of your digital assets. Here are some other reasons why users pick Trust Wallet.
Reasons to Open a Trust Wallet Account
|Simplicity||The 3-step sign-up process takes less than half a minute, and once it is done, the user can start trading immediately – no waiting periods!|
|No user data storing||Trust Wallet is a non-custodial app, meaning users are in complete control of their assets and don’t need to store any of their data. If you want, you can do that on your own and save the information on your mobile device.|
|In-app DApp browsing||Users won’t have to leave the app to open a DApp browser to search for DApps – Trust Wallet features an in-app DApp browser for seamless browsing.|
|In-built DEX charts||The in-built DEX charts allow users to follow crypto news and stay on top of everything without leaving the app.|
|Storing over 1 million cryptos||Unlike other similar crypto wallets, Trust Wallet supports over a million cryptocurrencies – altcoins and shitcoins alike!|
|Compatible with all mobile devices||Both iOS and Android-operating smartphones can run the app seamlessly.|
|Allows for easy swapping and crypto exchanging||Users can swap and exchange crypto with a single tap of a button – no filling out forms or complicated processes.|
|Generating passive income||Trust Wallet makes staking, yield farming, and crypto lending available to its users – it’s a superb way to amass passive income.|
│Who Can Benefit From Using Trust Wallet?
To put it simply, everyone looking for a good deal of options to choose from when it comes to trading crypto can make great use of Trust Wallet.
The mobile app is a nice-fitted option for newbies to the world of crypto. The customer support forums offer answers to the most frequently asked questions about digital coins, so any beginner can start from there and work their way up to trading crypto like a pro.
In all fairness, Trust Wallet is the best option for tech-savvy people that know their way around using their smartphones for crypto trading. Experienced crypto traders will love the app since they can perform DApp browsing and DEX monitoring within it.
Everyone Looking for Passive Income
Crypto traders looking to enlarge their digital asset gains can use Trust Wallet for passive income generation. Staking, yield farming, and crypto lending can work well for generating passive income.
|Who Can Use Trust Wallet?||Reasons|
|Newbies||Due to Trust Wallet being very simple to use, newbies can find their way around the app with ease. Member forums can help rookies get the gist of the app.|
|Long-time crypto traders||Thanks to Trust Wallet’s in-built DApp browser and DEX monitoring charts, experienced crypto traders will love the platform.|
|Investors looking for passive income||Trust Wallet is perfect for generating passive income through yield farming, staking, and crypto lending with any of the various available currencies.|
│Time and Cost of Using Trust Wallet
Even though Trust Wallet is a free-to-use app and users aren’t required to purchase it to use it; still, certain gas fees apply.
Every time you transfer crypto or NFTs from Trust Wallet to another wallet or a smart contract, you will be charged gas fees linked to the transaction. Moreover, when Trust Wallet users purchase crypto from one of the six third-party partners, they will also be charged an additional fee. However, there is an option to decline to pay this fee – all you need to do is accept to hold TWTs.
Each Trust Wallet transaction will take anywhere from half an hour to a full hour. So once you purchase or sell crypto, you can expect to see the tokens in your wallet in a rather decent amount of time.
│Trust Wallet Usability
Setting up a Trust Wallet account is a fairly simple process that won’t take up much of your time. Thanks to the simplicity of the UI and the excellent UX design, users will easily navigate the menu and reach the features they are looking for.
All you have to do is to download the mobile app via the Play Store or App Store and create a wallet. Trust Wallet is free to download, so there’s no charge to use its services. You can start transacting right after you set up your account – zero downtime and no unnecessary waiting.
Opening an account on Trust Wallet is absolutely free – sign in and start using its services!
However, transaction fees apply, so each time you purchase crypto, know that there is something you will be paying. To put it plainly, see this table below.
|Opening a Trust Wallet Account||Free|
|Transaction Fees||Gas fees apply on purchasing transactions:|
|Completion Time||From 30 to 60 minutes|
Now, you may wonder what the fees are. We have you covered! Here are the transaction fees that apply to Trust Wallet:
|Simplex||3.5% for credit or debit card transactions or $10, depending on whichever payment is greater.|
|Mercuryo||3.95% when using a credit card to make a purchase.|
|Wyre||2.9% + $0.30 for credit or debit card transactions or $5, depending on whichever payment is greater.|
|MoonPay||1% for bank transfers, 4.5% for purchasing with a credit card, or $3.99 minimum, depending on whichever payment is greater.|
|Transak||5.5% for credit or debit card transactions or $30 minimum, depending on whichever payment is greater.|
|Ramp Network||2.9% on credit and debit card transactions.|
│Trust Wallet Tools
The reason why Trust Wallet is the preferred digital crypto wallet by over 25 million users lies in its vast selection of features. There are plenty of handy tools that Trust Wallet offers its customers to boost their crypto trading experience. Below are some of the options.
Seasoned crypto traders appreciate this Trust Wallet tool immensely because it allows them to follow the fluctuations of the tokens on the cryptocurrency market. DEX charts enable users to track crypto transaction data in real-time and create a position for themselves as sellers/buyers.
Staking is part of the “new” POS method. It revolves around holding crypto assets in digital wallets to sustain the functions and securities of blockchains. In plain terms, staking refers to encasing cryptocurrencies to receive rewards.
With Trust Wallet, you can place the crypto you own in the so-called liquidity pools to earn rewards – it’s the ultimate option for generating passive income.
At the moment, Trust Wallet enables its users to stake using the following:
- Algorand (ALGO)
- Tron (TRX)
- Cosmos (ATOM)
- VeChain (VET)
- Ontology (ONT)
- And Tezos (XTZ)
Trust Wallet utilizes recovery phrases, known as private keys that allow users to regain access to their tokens. The private keys are basically a 64-bit string of characters comprising your wallet password. You can look at them as a unique code you are assigned after signup, so you are the only one who knows and owns the keys.
For iPhone users, Trust Wallet enabled WalletConnect – an open-source protocol that allows them to connect to other digital wallets and DApps and carry out transactions. It is highly encrypted and can be accessed with a QR code, meaning you can rest assured your crypto journey is secure.
Trust Wallet Tools
|DEX Charts||Stay on top of the crypto market without leaving the app.|
|Staking||Earn passive income with Trust Wallet.|
|Private Keys||Access your wallet with private keys tailored only for you.|
|WalletConnect||Make the most out of connecting to other digital wallets and DApps.|
Knowing whether something actually works is best done by checking what others think.
When it comes to Trust Wallet, its performance and functionality are the two aspects that get the most praise from users.
For instance, one user under the name Grace G. says she has been using the app for over a year and loves its simplicity. She particularly emphasized the user-friendly aspect of the app and gave kudos to Trust Wallet for being a totally user-centered app.
Another customer, Mohammad R., reported having no complaints about the app and enjoyed the fact that he could earn interest on the crypto he was holding in his wallet. He also liked the large Trust Wallet community that offered him a solution to a tiny issue he had with the swapping option in Trust Wallet – “The forums are a great place for help,” he said.
│Trust Wallet’s Customer Service
Trust Wallet is not the only non-custodial, open-source digital wallet app that has limited customer service. In fact, the majority of the platform’s competitors offer the same level of user services.
If you’re a Trust Wallet user in need of help, you’ll be pointed in the direction of Trust Wallet’s forum to look for answers yourself. This is one of the two places users can visit to find a solution to their problems; the other is the self-help center.
There is one more way for users that can’t figure out a solution to their issue at any of the suggested places. Trust Wallet’s ticketing system is the last option to contact Trust Wallet directly through its website by sending an e-mail.
|Trust Wallet Customer Support|
|Mailing Address||DApps Platform, Inc. 2810 N Church St, PMB 96630 Wilmington, Delaware 19802 US|
|Exodus Wallet as a Trust Wallet Alternative|
|Exodus Wallet is another crypto wallet that allows its users to reap plenty of benefits, including rewards from staking. Just like Trust Wallet, this one is also free to use and gives users private keys.|
Exodus currently has over 900,000 active users, boasting an increase from previous years. The main differences between both options can be seen in the number of assets they support, as well as some general user-oriented features.
|Trust Wallet vs Exodus Wallet|
|When head-to-head with Trust Wallet, Exodus Wallet enables its users to stake using seven cryptocurrencies like Cardano (ADA), Solana (SOL), Algorand (ALGO), Cosmos (ATOM), and others.|
Regarding user support services, Exodus Wallet shares briefs on the latest improvements through its YouTube channel and frequently posts blogs to educate its clientele about the apps, features, and details.
Regarding the availability of cryptocurrencies to choose from, Exodus Wallet offers its users a selection of more than 225 cryptocurrencies. Comparatively, Trust Wallet supports more than a million coins, plus it has its own native token that can save you a few bucks.
Unlike Trust Wallet’s lack of compatible, comprehensive user support, Exodus Wallet’s customer services are one of the perks that have gained the app a massive following. Price-wise, both of them are free to use, with the exception of Exodus Wallet not charging any transaction fees.
Solve Your Problem Fast With Trust Wallet’s Ticketing System!
You can use Trust Wallet’s unique ticketing system to resolve a bothersome issue. Enter the required information, hit the Send button, and someone from the techies at Trust Wallet will reply with a solution.
Thanks to its smooth, user-friendly interface, Trust Wallet’s users can engage in crypto trading without much hassle. A single tap lets you purchase, swap, and sell cryptos and even earn some side money by staking, yield farming, or crypto lending.
The engineering team at Trust Wallet limited its access to mobile devices only as a way to minimize any chances of attacks or ransomware. From being easy to set up to offering a bunch of perks like staking and swapping crypto, Trust Wallet certainly does live up to the expectations!
Entrust Your Digital Assets to Trust Wallet!
Choose your preferred token from the selection of over a million cryptos and even make some money with Trust Wallet’s staking features!